Salary Cap Status

Ezra Shaw/Getty Images

The NFL released its salary cap figure for the 2012 season and set it at $120.6 million. The number is just $225,000 more than last year’s figure, and it leaves the Giants $1,221,745 under the cap, according to Spotrac.com.

The Giants were a few million dollars over the cap until a few days ago when Eli Manning restructured his contract to open room for free-agent signings. Ralph Vacchiano of the New York Daily News explains how the deal effects their number.

According to two NFL sources who saw the terms of the restructuring, the move, disclosed Thursday, involved reducing Manning’s base salary from $10.75 million to $1.75 million. The remaining $9 million was converted to a guarantee — either in the form of an upfront bonus, or simply a guaranteed portion of his salary. That allowed the Giants to spread the cap hit from that $9 million over the final four years of his current deal.That in turn reduced Manning’s cap number from $16.35 million to just $9.6 million this season, although it does increase his number by $2.25 million in each of the ensuing three years.

The Giants may have to consider releasing other players that have a high cap number to make room for new talent and guys like Osi Umenyiora and Chris Snee may fall victim.

March 13, 2012: New York Giants center David Baas has restructured his contract, dropping his 2012 salary from $3 million to $900,000 according to Ralph Vacchiano of the New York Daily News. The remaining $2.1 million is probably converted to a bonus.

Reports have circulated stating that Burress wants to play for the Philadelphia Eagles, but when Rich Gannon and Adam Schein asked Burress if he would play for the Giants again, the response left the possibility open.

“It’s always a great possibility,”

The Giants will mostly likely be losing Mario Manningham in free agency, so the idea of bringing Burress in may not be too far-fetched.

Steve Smith

According to ESPN's Adam Schefter, ex-Giant Steve Smith would be open to a reunion in New York. Smith had great chemistry with Eli Manning during his tenure, and he would provide a cheap and reliable option for New York.

Dallas Clark

The Giants lost two of their top tight ends in the Super Bowl due to knee injuries, so a tight end will be a high priority heading into free agency and the draft.

Dallas Clark was recently released by the Colts, and after a sub-par season, he could come at a cheap price.

The move would allow the Giants to take the best player available at the end of round one instead of reaching for a tight end.

Mike Tolbert/Ryan Grant/BenJarvus Green-Ellis

The Giants will need to find a backup to replace Brandon Jacobs, and I can see any of these three guys signing with New York.

Mike Tolbert may the best option as he would provide the Giants with an excellent third-down threat. Tolbert ran for 490 yards and eight touchdowns, and he also proved to be a productive receiver out of the backfield, totaling 433 yards and two touchdowns.